CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 5.7 million in Q1 2024, soaring 41% compared with SAR 4 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 75.78 | 90.26 | 19.1 % |
| Net Profit Before Zakat & Tax | 5.17 | 7.33 | 41.9 % |
| Net Income | 4.01 | 5.67 | 41.4 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.13 | 0.19 | 41.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 83.56 | 90.26 | 8.0 % |
| Net Profit Before Zakat & Tax | 10.15 | 7.33 | (27.8 %) |
| Net Income | 8.40 | 5.67 | (32.5 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.28 | 0.19 | (32.5 %) |
Insurance revenues for the current quarter amounted to SAR 90.25 million, up 19% year-on-year (YoY) from SAR 75.77 million, mainly driven by business growth.
The company also posted a 19% (SAR 14.48 million) rise YoY in insurance revenue and a drop of 69% (SAR 64.11 million) in insurance service expenses. This was partially offset by a 404% surge in net expenses from reinsurance contracts held.
Net investment income rose 7%, or SAR 299,000, compared with a year earlier.
In Q1 2024, the insurance services provider posted a 32.5% profit decline from SAR 8.40 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 75.78 | 90.26 | 19.1 % |
| Insurance Services Income | 0.46 | 5.83 | 1167.4 % |
| Investment Income | 4.18 | 4.48 | 7.2 % |
| Net Profit of Insurance Services and Investment | 4.29 | 9.82 | 128.9 % |
Shareholders’ equity, no minority interest, amounted to SAR 429.53 million as of March 31, 2024, compared to SAR 399.28 million in the same period a year ago.
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